Interpark Bio Convergence pledges 10 billion won
to BiSiChem for the royalties of the anticancer drug candidate
On the 26th of April, Interpark Bio
Convergence, a subsidiary established by Interpark in July this year, announced
it had held a signing ceremony on April 23rd for an in-licensing
agreement with BiSiChem, a specialized company in targeted and immunotherapy
drug development.
According to
Interpark Bio Convergence, the drug candidate acquired through this agreement
is a novel target that has not yet been approved, and is still in the
preclinical stage. Specific details were not disclosed by the company at this
time.
Under this agreement, Interpark Bio Convergence
will pay BiSiChem a total of 10 billion won as royalties, with plans for
additional installment payments based on the development stage. However, the
exact amount of the initial payment was not disclosed. Additionally, revenue
generated from out-licensing to global drug development companies during the
new drug development process will be shared with BiSiChem based on the
development stage.
Interpark Bio Convergence was established on July
31st this year, building upon the Interpark subsidiary Interpark Bio
Convergence Research Institute. The company has ventured into drug development,
leveraging the institute’s existing expertise in biotechnological knowledge
acquired through previous work done in organoid research.
CEO Jun Ho Hung stated, “I am very pleased to
announce our first in-licensing agreement with such a reputable company as
BiSiChem.” He added, “Our primary goal is to swiftly advance through the
remaining preclinical stages and initiate clinical trials in advanced countries
by the end of next year.”
BiSiChem CEO Jung Beob Seo commented, “Although
Interpark Bio Convergence is a newcomer in the field of drug development, it
has demonstrated excellent capabilities in preclinical efficacy verification
and clinical trial design.”
Source: BioSpectator (http://www.biospectator.com/view/news_view.php?varAtcId=11625)
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